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The method I use to scan this white banknote greatly enhances the watermark.

However, it also accentuates any creases and marks that might have been.

The note appears better than it looks from the scan 

 

Date:  1935 July 19

Branch:  London

Value:  £5.00

No.   A/204 87365

Signed:  K. O. Peppiatt 

Obv. Nice and clean.

Rev. Slight ‘rust’ line on crease 1/3 left & more faintly on right side.

         Slightly dirty in comparison to the obverse.

Grade: Obv.EF?-EF  Rev. VF-VF+

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